Telematics refers to the combined usage of telecommunications and information technology for automobiles. It includes everything from GPS systems to entertainment systems. Telematics can exactly locate the exact position of the car, its speed and the behaviour of the car internally. It is most widely used for providing services such as roadside assistance, real-time navigation, vehicle tracking, and increasingly, car insurance.
With the rapid change in the technology, automotive manufacturers are coming up with innovative ideas for the use of telematics in their vehicles, of which telematics insurance is one significant concept. Usage-based insurance, also known as telematics insurance, whereby, the premium cost is subjected to the use of a vehicle, measured against, distance travelled, time of usage, and in-vehicle behavioural pattern of the driver. It is a recent innovation by auto insurers that closely aligns driving behaviours with risk to calculate the premium rates for auto insurance. Odometer readings or in-vehicle telematics devices self-installed into a vehicle port or already integrated into original equipment installed by car manufacturers are used to track the mileage and driving behaviours. The basic idea of telematics auto insurance is that a driver’s behaviour is monitored directly while the person drives. These telematics devices measure several elements of interest: time of day; miles drove; place (GPS); acceleration; hard braking; hard cornering; and airbag deployment. The level of accuracy depends on the data collected, the telematics technology employed and the user’s willingness to share their private data. The insurance provider then evaluates the data and accordingly charges the insurance premiums.
Automotive Usage Based Insurance encompasses three discrete sub segments
- Global Automotive Usage Based Insurance market is segmented by Pricing Model, Data Collection, and Technology Incorporated
- Based on the pricing model the global usage-based insurance market is segmented as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD)
- Based on the data collection technique the global usage-based insurance market is segmented as OBD-II, smartphone, hybrid, and black-box.
- Based on the technology incorporated the global usage-based insurance market is segmented as an application-based system and embedded based system.
- Based on the geographic penetration the global usage-based insurance market is segmented as North America, Europe, Asia-Pacific and Rest of World
The 204-page report provides clear, detailed insight into the global Automotive Usage Based Insurance market. Discover the key drivers and challenges affecting the market.
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The report delivers considerable added value by revealing:
- 190 tables, charts and graphs are analysing and revealing the growth prospects and outlook for the Automotive Usage Based Insurance market.
- Global Automotive Usage Based Insurance market forecasts and analysis from 2020-2030.
- Automotive Usage Based Insurance market provides CAPEX forecasts and analysis from 2020-2030 for the Automotive Usage Based Insurance submarkets:
Top 5 prominent Countries in the Automotive Usage Based Insurance market
- South Korea
Top 5 companies in the Automotive Usage Based Insurance market
- Progressive Corporation
- Generali S.A.
- Allainz SE
- Intelligent Mechatronic Systems Inc.
Other companies of interest
Recent Companies Activity
- IMS was assigned patent title ‘space and time cognitive mobility system with distributed and cooperative intelligence capabilities’
- IMS was acquired by TRAK GLOBAL GROUP taking out IMS from receivership with aggressive plans to invest and add staff
- Octo Telematics partnered with RCI Bank and Services, Renault’s Global Finance Company to provide telematics services and advanced big data analytics to allow the Renault Group to enhance the driving experience of its customers worldwide
- Vodafone automotive announced partnership with electric vehicle start-up e.GO Mobile on an industry 4.0 factory
- Sierra Wireless announced partnership with MANN+HUMMEL, a leading global expert for filtration solutions. Under this partnership, Sierra Wireless will provide IOT connectivity services for its new predictive maintenance platform named Senzit.
- Axa Malaysia announced an average discount of 14% on their premiums for safe drivers on its usage based insurance product. The AXA FlexiDrive product helps motorists become more aware of their driving behavior by offering discounts of up to 20%, based on how safe they drive.
The report provides detailed profiles of key companies operating within the Automotive Usage Based Insurances market:
- Intelligent Mechatronic
- Octo Telematics
- Vodafone Automotive
- Sierra Wireless
- AXA SA
- Progressive Corporation
- Generali S.P.A
- State Farm Mutual Automotive
- The Travelers Indemnity
- Allianz SE
- Metromile Inc.